Texas highway project secures $605m loan

26 Feb The US Department of Transportation has announced the award of a US$605m (£478m) loan for the Grand Parkway toll road project in Houston, Texas.

Transportation secretary Elaine Chao said that the Build America Bureau will provide the money as a Transportation Infrastructure Finance and Innovation Act (Tifia) loan.

“This government investment of $605 million will help regional and local agencies develop the infrastructure that best meets the needs of their communities, increase connectivity, alleviate congestion, and enhance safety,” she said.

Construction has already begun on the project, which is being developed using a design-build approach, with substantial completion expected May 2022. The Tifia loan represents 31.5% of eligible project costs totalling US$1.9 billion.